Play Nice Random Chat Thread V

[Del191229]

The absolute sheer hide of these people. Need bail outs lol

 

[Del191229]

Personally wouldn’t touch it.. as it has nothing backing it, so its a intrinsic value vs instrumental value, but like the above episode has shown us, the value of something is actually worthless... emotion is king...

I get where you're coming from, but having covered the collapse of the Scottish banks in 2008/09, how is that different to say what RBS was doing in its excellent adventures on the international capital markets?

 

[Grogg]

The absolute sheer hide of these people. Need bail outs lol

This sums up the U.S of today perfectly:



Seriously ****ed up society that one.

 

[goalieboy82]

This sums up the U.S of today perfectly:



Seriously f’ed up society that one.

 

[bengrina]

This sums up the U.S of today perfectly:



Seriously f’ed up society that one.

I've spent a bit of time in the US and never seen such a vast disparity between the rich and poor

 

[goalieboy82]

I've spent a bit of time in the US and never seen such a vast disparity between the rich and poor

this come to mind:

Spoiler

 

[Del191229]

I've spent a bit of time in the US and never seen such a vast disparity between the rich and poor

It may be one of those urban myths but I've seen a claim running around on Twitter that US income inequality is worse than in pre-revolutionary France.

 

[Flawed Genius]

The real lesson from this is that disruption is fine when THEY are doing it to US.

When WE used tech to disrupt THEM, oh no, it is immoral and should be illegal.

Bin-****ing-go

 

[Del191229]

Bin-*******-go

Almost like contemporary "capitalist" politics is a big lie and is simply a device for sucking money up the line to the very richest.

 

[Flawed Genius]

Almost like contemporary "capitalist" politics is a big lie and is simply a device for sucking money up the line to the very richest.

It certainly brings into focus the idea that there are two sets of rules for the rich and the poor. If you have enough of other people's money, you wear puffy vests and call yourself a hedge fund manager, you can do whatever you like under the guise of wealth creation.

If you're doing it from your couch in a dingy apartment with money you've scraped together, risking your own financial stability to try to improve your own standing, the puffy vest guys will sook it up and claim you don't have the right to do it, or that you can't because of X Y and Z

The US government's response to all of this is going to be very interesting. For lack of a better term, the plebs got their hands on the cheat codes ... Does the government change the game?

 

[Del191229]

It certainly brings into focus the idea that there are two sets of rules for the rich and the poor. If you have enough of other people's money, you wear puffy vests and call yourself a hedge fund manager, you can do whatever you like under the guise of wealth creation.

If you're doing it from your couch in a dingy apartment with money you've scraped together, risking your own financial stability to try to improve your own standing, the puffy vest guys will sook it up and claim you don't have the right to do it, or that you can't because of X Y and Z

The US government's response to all of this is going to be very interesting. For lack of a better term, the plebs got their hands on the cheat codes ... Does the government change the game?

The whole gig was up in 2008 when the creative destruction the market is never wrong types burned down their own house and demanded government bail them out, which they did.

Now it is, as you say, simply a racket in which the made guys get to rake it in while the rest of us can get stuffed.

Meanwhile, imbeciles get conveniently enraged by manufactured culture war crap like Aboriginal footy players having murals, giving political cover for the scam to go on.

 

[Usayed Givashe]

In a nutshell, what is going on?

For the Hedgies? They forgot the cardinal rule of gambling and trading which is to always leave yourself outs.

Internet trolls did this? Kids? Activists?

How? Where did they find the funds?

yeah, it’s a reverse hot copper scenario. Most of these kids borrow $5k or $10k from their parents. It’s America, they don’t get jobs until post-college so there is no way it’s their own money outside of a tiny minority who sold some crack and the Jewish kids using their barmitzvah money.

Yeah, I'm completely clueless with how these things work, but my assumption is that won't there be some people who will make a lot of money shorting the Gamestop stocks again when the price starts to fall and everyone wants out at the same time? Don't know if that's possible. Maybe someone like Usayed Givashe would know more.

Haha I connect people with solutions.

In this case, I’m not sure if they are using shares or CFDs, I’d imagine it’s CFDs as that would hide the identity of the shorter and theoretically allow the public to ‘short’ more than 100% of the underlying instrument. I know we used to do that a bit, bit hard to track ownership when it comes up as Citibank Nominees.

The other reason to use CFDs is when you are short, because you effectively own the shares and ‘lease’ them to the market, you will receive cash rate + 1.5%, on a few bil, that shit adds up (downside being you a responsible to pay dividends- trick for young players)

Lesson number two can be on FX differentials if you want, but given the prevailing market conditions, I’m currently only in possession of the following:

VMT
POD
ORE
SVL
WRM
REZ
LYC
And I bought some WHC for old times sake and I’m long Silver (gold/silver ratio) and Platinum (just significantly undervalued IMO.

I don’t understand gaming/have no interest, but given the entire world is lockdownand bored at home, fundamentally it seems like a dumb move to short such a business. (Note, I haven’t read their financial reports) nor seen a chart to confirm whether it began as a technical short) - sorry mate.

Like you I’m awaiting the ESPN 30:30

 

[DesertRoo]

I get where you're coming from, but having covered the collapse of the Scottish banks in 2008/09, how is that different to say what RBS was doing in its excellent adventures on the international capital markets?

bitcoin to me looks like a traditional pyramid scam, as there’s no product or industry backing it, the value is derived from dollars people are poring into it, if the dollars left, whoever is holding the bitcoin at the end of the day has nothing apart from some wasted HDD space.

But as I said I’ve got no idea..

 

[ferball]

The whole gig was up in 2008 when the creative destruction the market is never wrong types burned down their own house and demanded government bail them out, which they did.

Now it is, as you say, simply a racket in which the made guys get to rake it in while the rest of us can get stuffed.

Meanwhile, imbeciles get conveniently enraged by manufactured culture war crap like Aboriginal footy players having murals, giving political cover for the scam to go on.

I'd be into pumping money into this shit just to watch it burn to be honest.

 

[DesertRoo]

For the Hedgies? They forgot the cardinal rule of gambling and trading which is to always leave yourself outs.



yeah, it’s a reverse hot copper scenario. Most of these kids borrow $5k or $10k from their parents. It’s America, they don’t get jobs until post-college so there is no way it’s their own money outside of a tiny minority who sold some crack and the Jewish kids using their barmitzvah money.



Haha I connect people with solutions.

In this case, I’m not sure if they are using shares or CFDs, I’d imagine it’s CFDs as that would hide the identity of the shorter and theoretically allow the public to ‘short’ more than 100% of the underlying instrument. I know we used to do that a bit, bit hard to track ownership when it comes up as Citibank Nominees.

The other reason to use CFDs is when you are short, because you effectively own the shares and ‘lease’ them to the market, you will receive cash rate + 1.5%, on a few bil, that sh*t adds up (downside being you a responsible to pay dividends- trick for young players)

Lesson number two can be on FX differentials if you want, but given the prevailing market conditions, I’m currently only in possession of the following:

VMT
POD
ORE
SVL
WRM
REZ
LYC
And I bought some WHC for old times sake and I’m long Silver (gold/silver ratio) and Platinum (just significantly undervalued IMO.

I don’t understand gaming/have no interest, but given the entire world is lockdownand bored at home, fundamentally it seems like a dumb move to short such a business. (Note, I haven’t read their financial reports) nor seen a chart to confirm whether it began as a technical short) - sorry mate.

Like you I’m awaiting the ESPN 30:30

The hedge funds are all rightly shorting GameStop, as they are a retailer, with a hell of a lot of shops and overheads.
think blockbuster video before Netflix.
all the games manufactures have online portals where you can download the games from.
Think PlayStation store online, the PS5 has come out with a disk less version.

so fundamentally the hedge funds are right in shorting, they just got greedy.

 

[Snake_Baker]

The best introductory lecture on the subject that I have seen.

Everyone should watch it, because it is you.

 

[ferball]

I don’t understand gaming/have no interest, but given the entire world is lockdownand bored at home, fundamentally it seems like a dumb move to short such a business. (Note, I haven’t read their financial reports) nor seen a chart to confirm whether it began as a technical short) - sorry mate.

Like you I’m awaiting the ESPN 30:30

Its a bricks and mortar gaming business so theoretically COVID lockdowns are bad for it, especially when there is so much in the way of digital distribution.

But it probably would have been okay (as that vid upthread mentions new consoles are always good for businesses like that,) people like to socialise when they shop as well as just buying shit, especially "niche" people like gamers. But **** them. These campaigners do this shit all the time to businesses that would otherwise function okay, it costs jobs, retirement funds and generally ****s a local economy a little bit more. Hope some of them are jumping out of windows soon.

 

[ferball]

It certainly brings into focus the idea that there are two sets of rules for the rich and the poor. If you have enough of other people's money, you wear puffy vests and call yourself a hedge fund manager, you can do whatever you like under the guise of wealth creation.

If you're doing it from your couch in a dingy apartment with money you've scraped together, risking your own financial stability to try to improve your own standing, the puffy vest guys will sook it up and claim you don't have the right to do it, or that you can't because of X Y and Z

The US government's response to all of this is going to be very interesting. For lack of a better term, the plebs got their hands on the cheat codes ... Does the government change the game?

Read this:

The Nature of Money

Calculating a poor person’s wealth is a science. For a rich person, it’s an incredibly abstract art.

www.currentaffairs.org

 

[koshari]

bitcoin to me looks like a traditional pyramid scam, as there’s no product or industry backing it, the value is derived from dollars people are poring into it, if the dollars left, whoever is holding the bitcoin at the end of the day has nothing apart from some wasted HDD space.

But as I said I’ve got no idea..

Bitcoin in practice is a sound model and has many positive attributes, for example it can been used as a low cost money transfer model providing the transactions are done in close approximation of one another ( buyer buys bitcoin, sends key to vendor who sells the bitcoin), however due to its volatility there is the potential of one party to get burned and other profit but being a neutral sum gain model its like comparing a wager between 2 individuals to the house model where the bank takes a cut and then distributes the remainder to the pool.
Having said that with the slowness of many traditional money transfers currency cross rates can influence a transactions fairness as well, also these commercial money transfer services have high commissions or a wide range between their buy/sell rates, this is their business model.

But like any commodity speculative trading is inevitable and this is really what is fuelling the volatility of bitcoin.

 

[DesertRoo]

Bitcoin in practice is a sound model and has many positive attributes, for example it can been used as a low cost money transfer model providing the transactions are done in close approximation of one another ( buyer buys bitcoin, sends key to vendor who sells the bitcoin), however due to its volatility there is the potential of one party to get burned and other profit but being a neutral sum gain model its like comparing a wager between 2 individuals to the house model where the bank takes a cut and then distributes the remainder to the pool.
Having said that with the slowness of many traditional money transfers currency cross rates can influence a transactions fairness as well, also these commercial money transfer services have high commissions or a wide range between their buy/sell rates, this is their business model.

But like any commodity speculative trading is inevitable and this is really what is fuelling the volatility of bitcoin.

But you’re mixing a currency transfer method like Western Union with a currency which is backed by a nation.
Using bitcoin to purchase something online as ‘supposedly anonymous’ is something entirely different from holding it as a spec currency to profit.

 

[Flawed Genius]

Interesting timing - the article does go on to state the server was banned for its users exhibiting racist and discriminatory language repeatedly, and NOT for anything related to the GameStop shenanigans

 

[DesertRoo]

Interesting timing - the article does go on to state the server was banned for its users exhibiting racist and discriminatory language repeatedly, and NOT for anything related to the GameStop shenanigans

I’m glad we shut the US presidential election tread....

 

[Val Keating]

Interesting timing - the article does go on to state the server was banned for its users exhibiting racist and discriminatory language repeatedly, and NOT for anything related to the GameStop shenanigans

That must be why they’re smashing Twitter. Feels like the genie is out of the bottle tbh.

 

[Swallow_Wood]

This sums up the U.S of today perfectly:



Seriously f’ed up society that one.

Pretty much nailed it.

A hyper capitalist society where the system is designed to make money for corporations and the rich (allowing some access to a very limited number of emerging wealthy to make it) whilst ignoring the everyday people without whom none of this would exist. It's just like Russia, except that system is designed around Putin and his cronies.

 

[Del191229]